EPIC

Embankment Project for Inclusive Capitalism

Can changing the way we measure value help companies focus on the long term?

WHO IS INVOLVED

We came together in pursuit of a single goal: to identify and create new metrics to measure and demonstrate long-term value to financial markets.

Asset Owners

Asset Managers

Companies

Working Groups

Human CapitalDeployment

OrganizationalCulture

Consumer Trust

Innovation

SustainableDevelopment Goals

CorporateGovernance

Employee Health

Consumer Health

CEOs of participating companies

Companies

Mark Bertolini, Aetna

Martin Brudermüller, BASF

Edward Breen, DowDuPont

Doug Baker, Ecolab

Alex Gorsky, Johnson & Johnson

Mark Schneider, Nestlé

Vasant Narasimhan, Novartis

Indra Nooyi, PepsiCo

Paul Polman, Unilever

Asset managers

Pascal Blanque, Amundi

Thomas Finke, Barings

Laurence Fink, BlackRock

Abigail Johnson, Fidelity Investments

Hendrik du Toit, Investec Asset Management

Mary Erdoes, J.P. Morgan Asset & Wealth Management

George Walker, Neuberger Berman

Vijay Advani, Nuveen

Peter Harrison, Schroders

Cyrus Taraporevala, State Street Global Advisors

William McNabb, Vanguard

Asset owners

Oliver Bäte, Allianz

Thomas Wilson, Allstate

Christian Hyldahl, ATP

Marcie Frost, CalPERS

Jack Ehnes, CalSTRS

Mark Machin, Canada Pension Plan Investment Board

Hiro Mizuno, Government PensionInvestment Fund

Deanna Mulligan, Guardian Life

Steve Kandarian, MetLife

Matt Whineray, New Zealand Super Fund

Theresa Whitmarsh, Washington StateInvestment Board

Advisory Council

Daryl Brewster, CECP

Paul Druckman, Financial Reporting Council

Robert Eccles, University of Oxford

Richard Howitt, International Integrated Reporting Council

Martin Lipton, Wachtell, Lipton, Rosen & Katz

Colin Mayer, University of Oxford

Barry Melancon, Association of International Certified Professional Accountants, American Institute of CPAs

Andy Neely, University of Cambridge

Adam S. Posen, Peterson Institute for International Economics

Dov Seidman, LRN

George Serafeim, Harvard Business School

Jeffrey Sonnenfeld, Yale University

Robin J. Stalker, Individual capacity

Laura Tyson, University of California

Sarah Williamson, FCLTGlobal

Our work is justthe beginning

The project has come a long way since the first meeting of CEOs in London in early 2017. What began as an exploratory discussion between players across the investment chain, has grown into a robust endeavor: building on existing initiatives, academic work, and the advice of an advisory council, the EPIC participants have identified and developed metrics which will begin to help businesses better articulate the value they create for investors and other stakeholders.

The Long Term Value Framework, which was further developedover the course of EPIC, lies at the heart of these efforts. It provides principles, guidance and tools for companies to better articulate their long-term performance. And today, it is open-sourced for any company to use and build upon.

The progress made during this project is tremendously important, but it is just a first crucial step towards our vision of a world where long- term thinking is the norm, and organizations are empowered to create sustainable, inclusive growth. To reach this goal, we need companies and investors everywhere to play their part over the coming years.

The Coalition for Inclusive Capitalism encourages companies to:

Select and develop metrics and narrative appropriate to their business